Shares in Genel Energy were trading up 6 percent on Monday afternoon after the company announced that it has reached agreement to acquire stakes in the Chevron-operated Sarta and Qara Dagh blocks (pictured), in the Kurdistan Region of Iraq.
Genel will acquire 30% equity in the Sarta licence by paying a 50% share of ongoing field development costs until a specific production target is reached, together with a success fee payable on achievement of a production milestone. Chevron will retain a 50% interest in the Sarta licence and the Kurdistan Regional Government will hold the remaining 20%. Genel’s estimate of its total spend up to end-2020 is c.$60 million.
Drilling began on the first appraisal well, Sarta-3, in Q4 2017. The well was successfully completed and tested during the second quarter of 2018. Both that and the Sarta-2 well individually tested at rates of c.7,500 bopd. The first phase of development is expected to see these wells placed on production.
Genel will acquire 40% equity of the Qara Dagh appraisal licence and become the operator through a carry arrangement. Chevron will retain 40% of the equity, with the KRG holding the remaining 20%. The Qara Dagh-2 well is set to be drilled in 2020. The Qara Dagh-1 well, completed in 2011, tested oil in two zones from the Shiranish formation.
Closing is subject to approval from the Kurdistan Regional Government.
Murat Özgül, Chief Executive of Genel, said:
“We are delighted to have been chosen as a partner to Chevron. The agreement provides access to a phased development opportunity with significant growth potential at Sarta, and an exciting appraisal opportunity at Qara Dagh. The additions to our portfolio are an important step in our diversification strategy, offering a further opportunity for near-term production and cash-generation.”
(Sources: Genel Energy, Yahoo!)
Source: Iraq-BusinessNews.com.
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In December 2017, Iraqi authorities announced that they had completely freed areas previously controlled by the Daesh terrorist organization.
Today, Iraq has entered a crucial phase of national reconciliation, stabilization and reconstruction of freed regions. These actions are essential for a lasting victory against terrorism and the return of displaced persons.
Humanitarian and stabilization assistanceFrance and its partners have continued their efforts, and are standing alongside the Iraqi people and Government in order to assist the most vulnerable populations, revitalize the economy and rebuild the country. For example, multi-sectoral emergency assistance (food aid, basic healthcare and essential goods) was provided to almost 200,000 displaced persons during the battle of Mosul.
Since 2017, France has dedicated €60 million to humanitarian and stabilization assistance activities in Iraq, including €20 million to the stabilization of the city of Mosul.
During a visit to Iraq on 26 August 2017, the Minister for Europe and Foreign Affairs, Jean-Yves Le Drian, and the Minister for the Armed Forces, Florence Parly, also confirmed that a budgetary loan of €430 million would be granted to the Iraqi Government.
In addition, France runs humanitarian and stabilization assistance activities through United Nations agencies such as the UN Refugee Agency (UNHCR) and the World Food Programme (WFP). It has contributed €7 million to tools developed by the United Nations Development Programme (UNDP) in Iraq.
Projects in various fieldsSecurityRestoring security is essential to ensure that displaced people can return voluntarily to regions freed from Daesh control.
As part of the Global Coalition Against Daesh, France is providing military support to local forces working to secure recently freed Iraqi regions, in order to prevent the resurgence of the Daesh terrorist movement.
France is also helping to train Iraq’s internal security forces in the fields of democratic crowd management, mine clearance (including chemical and underwater mines), and post-attack scene management.
HealthIn the projects supported by France, special emphasis is placed on the health of Iraqi people. In addition to contributing emergency humanitarian assistance, France has implemented programmes to support health infrastructure (hospitals, health centres in camps and mobile clinics) and provide psychological treatment to populations, who are often traumatized.
France is also strongly committed to rehabilitating the University of Mosul’s College of Medicine, which trains medical staff throughout the Nineveh Plains and beyond. The College was badly damaged during fighting. Today, as a result of France’s commitment and UNDP support, it has been completely rebuilt. It has welcomed a number of students since the start of the 2018 academic year.
Education and support for displaced populationsEducation is a priority of France’s assistance. In addition to supporting the University of Mosul, France has committed to programmes rehabilitating schools in the most hard-to-access areas.
It has financed informal educational support projects for children who had no access to education during the Daesh occupation, with a view to reintegrating them into Iraq’s public school system.
Child protection training and campaigns raising awareness of children’s rights have also been implemented by NGOs.
National cohesionA united Iraq, where all components of society are respected, is essential to ensure that the stabilization process is inclusive and has lasting results. The country must not only focus on physical reconstruction, but also on reconciliation.
France therefore pays special attention to the victims of ethnic and religious violence. A special fund finances projects led by NGOs aiming to respond specifically to the needs of these communities and to encourage their return to their home villages, towns and cities.
At the Paris Peace Forum in November 2018, the French President lent his support to Nadia Murad, Nobel Peace Prize winner in 2018, who has launched a fund to rebuild Iraq’s Sinjar region, which suffered heavily under Daesh. France will contribute €2 million to this fund, which will be used to build infrastructure such as schools and hospitals, create revenue-generating structures, foster the return of displaced Yazidi populations to their lands, among other activities.
Cultural heritageThe ties between France and Iraq when it comes to preserving cultural heritage and archaeology are long-standing.
Three priorities have been identified in recent years in coordination with local authorities: combating trafficking, protecting works and safeguarding the memory of sites. Several training activities for Iraqi heritage preservation professionals have been planned in partnership with the Institut National du Patrimoine (INP) and the Department of Near Eastern Antiquities at the Louvre Museum to improve techniques to combat the trafficking of cultural goods and artefacts.
The Institut Français du Proche-Orient (IFPO) in Iraq, which has a branch in Erbil, has established cooperation with academic institutions in the areas of archaeology and cultural heritage.
In 2018, the Institut Français de Recherche à l’Étranger (IFRE) conducted several digitization and preservation projects on Iraqi sites with funds from the International Alliance for the Protection of Heritage in Conflict Areas (ALIPH).
Justice and fighting impunityFrance is committed to fighting impunity for crimes committed in Iraq and has taken every opportunity to make progress on this issue, particularly in the Security Council and other UN bodies. It is funding projects to document the crimes committed to provide information for investigations. Training activities to improve the skills of Iraqi law enforcement authorities are also being conducted to make criminal prosecutions more effective.
Interview : France’s action in IraqEric Chevallier, Director of the Ministry’s Crisis and Support Centre, explains France’s action to support the country’s stabilisation and reconstruction, and the humanitarian aid that we are providing.
(Source: French Ministry for Europe and Foreign Affairs)
Source: Iraq-BusinessNews.com.
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Iraq Britain Business Council (IBBC) has announced that Al Maseer Insurance Company has joined the Council.
Founded in 2011, Al Maseer provide a range of insurance products covering the key sectors in Iraq: construction insurance, energy insurance, agriculture insurance, health insurance, marine insurance, motor insurance, property insurance.
Chairman and* co-founder, Arak Fadhil Hameed Al-Bayati, said the company is currently researching special cover for farms, loss of profits after a fire, and professional indemnity.
(Source: IBBC)
Source: Iraq-BusinessNews.com.
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By John Lee.
Talks are reported to be continuing between Germany’s Siemens and the Iraqi Ministry of Electricity regarding a major investment in the country’s electricity infrastructure.
Lisa Davis (pictured), CEO of the Siemens Gas and Power Operating Company, and member of the corporation’s managing board, told The National last week that “discussions are ongoing”, adding, “we’re working on their timeline and within their structure to getting there as effectively as they can to bringing the projects to reality as they need.”
Following a hotly-contested competition last year, it was agreed that Siemens and GE would share the work to upgrade they system, with GE supplying 14 gigawatts (GW), and Siemens 11 GW.
(Source: The National)
Source: Iraq-BusinessNews.com.
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The state-owned Trade Bank of Iraq (TBI) has been recognised for its outstanding performance and service, taking home two awards at the International Finance Awards 2018.
London based ‘International Finance’ magazine rewarded TBI’s continued commitment towards providing modern banking services in Iraq, presenting the ‘Best Retail Bank’ and ‘Best Priority Bank’ awards during a special ceremony held at the Jumeirah Emirates Towers in Dubai.
Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, who received the awards at the ceremony said:
“We are pleased to receive this esteemed award, which recognises our strong and personalised customer service along with our portfolio of retail products and priority services.
“These awards are not only an acknowledgement of TBI’s continuous efforts, but also a testimonial to the quality of the bank’s products and services, which have brought great satisfaction to customers.
“Setting new standards in the retail products and priority services through innovation and outstanding performance has always been one of the core strategic focus of our business and will continue to be the same for us going forward.”
TBI was established in July 2003 with the aim of helping in the reconstruction of Iraq by facilitating international trade and continues to be at the forefront of large-scale infrastructure developments across the country.
The institution’s financial network and expertise plays a significant role in sourcing and securing funding for projects. It established its first international office in the UAE in 2017 and has since signed several agreements with global banks and finance firms to help fund infrastructure projects inside Iraq.
Faisal Al Haimus added:
“This recognition is proof of the Bank’s constant ability to deliver a strong and solid performance. We will continue to innovate, improve and enhance our service quality to meet the growing demands, needs and expectations of our customers.”
International Finance Awards recognises industry talent, leadership skills, industry net worth and capability on an international platform. Winning banks were selected through a board of industry specialists drawn from international ratings agencies and some of the world’s leading financial centres after undergoing immense scrutiny based on growth, sustainability, their contribution to society and innovation.
(Source: TBI)
Source: Iraq-BusinessNews.com.
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maybe they will need to account for the money freed for ending the practice of hoarding...
The Hoarding Phenomenon in IraqHoarding has always been a problem and a concern for many countries, especially after the latest technological developments and the subsequent achievements and huge savings in the incomes of the elements of production.The Central Bank of Iraq held Sunday 10/9/2017 a specialized seminar to analyze the hoarding phenomenon in Iraq. The seminar discussed the study prepared in this regard by the Department of Statistics and Research on this phenomenon and several topics were included, the most prominent topic was the statistical side and analysis (prediction).During the seminar, the Governor of the Central Bank, Dr. Ali Mohsen Ismail, pointed out that the Central Bank observes this phenomenon directly and that the available cash is not available as planned, and also that the Central Bank has a plan to solve this issue by drawing up plans and studies to attract money and profits within the banking system.The term "hoarding" is used as a translation of the economic term in the English language (Hoarding) and definition of hoarding in its economic sense that it is holding money and imprisoning it from circulation or keeping them in the boxes inside the house and not taking them out to trade in the markets.
I know how to attract both pretty quickly, and since you seem to have accountancy people set up, just let it rip.
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January 21, 2019
A meeting was held at the Central Bank of Iraq under the chairmanship of the Governor of the Central Bank of Iraq and attended by the President of the Financial Supervision Bureau, the Chairman of the Securities Commission, the President of the Iraqi Accountants and Auditors, and the Vice President of the Iraqi Society of Certified Accountants and KPMG. The meeting dealt with the prospects of professional work and the legal requirements regarding auditing and professional consultancy provided by these companies.As well as the emphasis on the role played by these companies in various aspects and the need to develop legal frameworks for the practice of audit functions and advisory functions, and it was decided to hold a subsequent meeting at the headquarters of the Association of Accountants and Auditors to adapt things that were traded between different parties.
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